The global hyperspectral imaging systems market is projected to reach USD 21.33 billion by 2023 from USD 9.51 billion in 2018, at a CAGR of 17.5%. The growing industrial applications of hyperspectral imaging and increasing funding & investments are the major factors driving the growth of the hyperspectral imaging systems market.
Product launches accounted for the largest share of the overall growth strategies followed by key players between 2015 and 2018. Some of the companies that adopted this strategy include Headwall Photonics (US), SPECIM (Finland), Telops (Canada), Applied Spectral Imaging (US), and ChemImage Corporation (US).
The hyperspectral imaging systems market comprises several large as well as small players. The prominent players in this market include Headwall Photonics (US), Corning Incorporated (US), SPECIM (Finland), Resonon (US), Telops (Canada), Norsk Elektro Optikk (Norway), Applied Spectral Imaging (US), BaySpec (US), Surface Optics Corporation (US), Cubert (Germany), and ChemImage Corporation (US).
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Headwall Photonics (US) manufactures and provides optical modules and fully-integrated imaging instruments with original holographic diffraction gratings. The company offers products for industrial inspection, defense and security, remote sensing, and research applications. The company pursues the strategies of product launches and expansions to widen its sales and distribution network. For instance, in February 2016, Headwall introduced HyperCore, a new, powerful data processing product that is specially designed for UAV airborne applications requiring sensor fusion. To expand its engineering, sales, and marketing capabilities to meet the increasing demand for its spectral imaging solutions, the company opened a new facility in Boston (US) in 2017.
SPECIM (Finland) is a leading manufacturer of hyperspectral imaging instruments and systems. The company provides hyperspectral imaging products to a number of industrial OEM customers and research organizations. It pursues the strategy of product launches to strengthen its portfolio and increase its share in the market. In the last three years, the company has launched various products to widen its consumer base. SPECIM is consistently looking to improve its global distribution network; for example, in April 2017, the company signed agreements with three companies, namely, Tech Imaging Services, Line Associates, and DATVISION to strengthen its distribution network in the US and South Korea.
Norsk Elektro Optics (Norway) is a research-oriented company in the electro-optical instrumentation segment. The company manufactures advanced electro-optical products using an in-house technology for the international market. It also participates in a number of international R&D projects in the electro-optical field. The company’s growth strategies include being involved in research projects to strengthen its product portfolio and promoting the adoption of its technologies. In view of the changing trends in the hyperspectral imaging systems market, the company focuses on collaborating in R&D projects with key research institutes, the projects include most application areas where hyperspectral imaging is applicable, e.g. mining, food inspection, search and rescue, cultural heritage and restoration, precision farming, medical applications, and many others.